Global Abaca Fiber Market by Product (Pulp & paper, Fiber Craft, Cordage, Textile, and Other Products), By Type (Fine Abaca Fiber and Rough Abaca Fiber), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Abaca Fiber Market Overview:

Global abaca fiber market was valued at USD 484.8 million in 2021. It is expected to grow at a compound annual rate CAGR of 15.2% between 2023 and 2032.

The market is expected to grow rapidly due to the rapid increase in abaca fiber usage in the growing pulp paper industry. This includes applications like cigarette filter papers, and coffee and coffee bags.

Global Abaca Fiber Market Scope:

Product Analysis

The market’s largest segment, pulp and paper products, accounted for more than 81.5% of the total revenue in 2021. This can be attributed to the growing demand for non-wood fibers for specialty paper applications. Abaca fiber is used to make specialty paper. It has a high strength-to-weight ratio and can be used for the manufacture of currency, tea bags, and security papers.

For a better understanding of pulping characteristics and pulp yield, as well as quality, active research and development are ongoing. These studies will provide a clear picture of the potential uses of abaca fibers in pulp and paper production.

Due to the growing demand for advanced biomaterials within fashion textiles, the textile product category is expected to see a 12.3% revenue-based CAGR over the forecast period. The latest trends in interior design for commercial and residential spaces will also drive demand for abaca fiber for textile manufacturing.

Many industry leaders have been focusing on developing ‘green’ products over the past few decades because of environmental concerns. Manufacturers have begun to use biomaterials in production technology to achieve their sustainability goals. Abaca fibers will see increased demand for advanced fibers with sustainable properties.

Кеу Маrkеt Ѕеgmеntѕ:

Product

• Pulp & paper
• Fiber Craft
• Cordage
• Textile
• Other Products

Type

• Fine Abaca Fiber
• Rough Abaca Fiber

Market Dynamics:

Three countries dominate the production of abaca fiber, including Ecuador, Costa Rica, and the Philippines. The U.K. and North American countries like the U.S., Canada, and Germany are the biggest importers of abaca fibers for various applications in different industries, such as currency notes and tea/coffee bags, textile, automotive, and textile. These countries also imposed transport restrictions, disrupting the supply chain.

The product’s properties, such as high mechanical strength and long fiber length resistance against salt-water damage, have driven strong demand in the manufacturing of curtains, clothing, curtains, paper making, and screen and furniture industries over the last few years. The market will also grow due to increasing product adoption around the world.

With the increasing use of natural fibers in automobile manufacturing, abaca fibers are also being used more frequently in the automotive industry. These fibers can be used in a variety of applications within the automotive industry, including filling material for interior trip parts and bolster, and exterior semi-structure pieces as a replacement for glass fiber in reinforced polymer components.

Due to its increasing adoption in many industries, including paper, automotive, and handicrafts, the demand for abaca fibers has increased internationally over recent years. The market has seen low productivity which has not been sufficient to meet the demand.

Regional Analysis:

The Asia Pacific was the dominant market, accounting for 63% of the total revenue in 2021. This is due to the increased adoption of these fibers across many end-use industries, including healthcare, specialty papers, handicraft, and textile. These fibers are known for their high mechanical strength and durability, long length, and sustainability.

The Philippines is the most important producer of abaca fibers in the region, accounting for over 85.0% of the global market share. Public investments in Japan and the Philippines to encourage abaca cultivation and increase fiber production capacity are expected to have a positive impact on market growth.
The market in Europe is expected to see a 14.5% revenue-based CAGR from 2023-2032. This is due to the increasing adoption of fibers in many application industries, including food and beverage, automotive, and specialty papers. Fibers are known for their high mechanical strength and durability, flexibility, long length, and long life span.

The European countries’ favorable trade policies for the import of natural fibers such as abaca are expected to boost fiber market growth. German manufacturers are using abaca fibers in automotive parts like headliners, rear cargo shelves, and trunk components. This will reduce vehicle weight and improve fuel efficiency.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

This market is made up of small and medium businesses operating in a restricted geographic area. These players face many challenges, including a lack of investment from global players to expand their strategic reach. They also lack the financial backing to finance research and development for material advancements.

Маrkеt Кеу Рlауеrѕ:

• M.A.P. Enterprises
• Specialty Pulp Manufacturing, Inc.
• Ching Bee Trading Corporation
• Yzen Handicraft Export Trading
• DGL Global Ventures LLC
• Peral Enterprises
• Terranova Papers
• Sellinrail International Trading Company
• Other Key Players

For the Abaca Fiber Market research study, the following years have been considered to estimate the market size: